The Coventry Building Society has found that homeowners are looking to make their homes more efficient in light of the continuing energy crisis.
Over half of the 2,000 homeowners surveyed by the mutual said that they are thinking of making their homes greener as a result of the recent rise in energy prices. This would equate to around seven million homeowners in the UK.
Reducing energy bills was the number one motivation for making green home improvements with eight out of 10 homeowners choosing this option, while four in ten said they wanted to contribute to a more sustainable planet.
Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “Homeowners have clearly been moved by the ongoing energy crisis to look at making their homes more energy efficient.
“Cost is a huge barrier for homeowners when it comes to making energy efficient improvements. Mortgage lenders are taking steps to do their bit, but the government needs to step in with a plan to get the whole industry moving in the right direction. We think that the proposal from the Green Finance Institute should be seriously considered by the Chancellor as part of his Budget plans.”
The Green Finance Institute has called for an energy-adjusted Stamp Duty Land Tax (SDLT) to drive demand for energy efficiency works and further support the UK’s green home finance market. This is supported by Coventry Building Society and six other UK mortgage lenders.
The society recently launched its Green Together Reward, which offers a £500 reward for borrowers to carry out work that aims to improve their property’s energy efficiency.